Mega sardines maker eyes IPO to take business to 'next level'

Canned goods manufacturer Mega Prime Food Inc is looking at an initial public offering (IPO) to bring the business to the next level, its Chief Growth and Development Officer Marvin Tiu Lim said on Thursday.

Demand for canned goods surged during the pandemic as Filipinos tightened their belts and is still continuously growing today, Lim told ANC.

Canned sardines is also among the staple in ayuda packs.

"We are really gearing up for that, we want everything to be professional corporate governance, we want to take our family business, our dad and mom's legacy to the next level... It's more of sharing the business not only to our employees, but to Filipinos as well," Lim told ANC. 

Although the pandemic has been challenging, Lim said they tried to keep their prices affordable by spending less and sacrificing their bottomline in order to continue to provide nutritious products to Filipinos. But he said they increase prices every two years.

"Quality is still of utmost importance for us. We are not downsizing, we're not shortchanging the Filipinos. What we are doing is creating more products that are more affordable for the Filipino people," he said.

Mega recently opened its P1 billion state-of-the art manufacturing plant in Batangas, which is expected to boost its capacity. 

Aside from ramping up capacity, Lim said the company is also eyeing global expansion to tap the large overseas Filipino communities abroad.

Mega Prime's portfolio includes Mega Sardines, Mega Tuna, Mega Mackerel, Mega Prime Choices and Primo, among others.

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